The Promise of Blockchain

Nearly everyone who has heard about blockchain has heard of it in the context of cryptocurrencies — BitCoin, Etherium, and the like. While those are interesting and some people have found them profitable, it’s likely the real game changer is going to be the blockchain, the technology that is the foundation of cryptocurrencies. So, what is a blockchain? A blockchain is a distributed, cryptographically assured ledger. A ledger was a bound book with numbered pages. Transactions are recorded sequentially in indelible ink in the ledger. These ledgers provided a certain amount of trust because sequential transactions on numbered pages of numbered books are very difficult to forge or erase. Traditional ledgers do have problems, however. They need to be maintained in a central location, and they have to be maintained by a trustworthy person or organization. That’s why, historically, the US has had a County Courthouse and a County Clerk. […]